Trump's wealth down $600m, drops 92 spots on Forbes list

18 October, 2017, 00:36 | Author: Terri Saunders

Forbes attributed Trump's decline to a weakening NY retail and office real estate market, and new information about his assets.

According to Forbes, the White House did not immediately respond to a request for comment on Trump's ranking.

As a result, President Trump's ranking is now at No. 248 on the list, after coming in at 156 a year ago. All net worth estimates are current as of October 17, 2017. The lawsuit in question is the suit concerning Trump University, for which Trump settled for $25 million over claims that the seminars defrauded students who signed up for the university.

Not quite so glitzy anymore: The values of Trump's Manhattan properties have fallen. During the presidential campaign, Trump said he was worth at least $10 billion, but publications such as Forbes and Bloomberg disputed that.

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However, the new Forbes rankings also delivered some good news for Trump. One fellow billionaire Trump tapped for his presidential cabinet was among the less fortunate.

Forbes has been following Trump's tremendous fortune since 1982, when the 400 wealthiest rundown appeared.

"The minimum net worth to make the Forbes list of 400 wealthiest Americans is now a record $2 billion", said Luisa Kroll and Kerry Dolan, assistant managing editors of wealth at Forbes Media.

The magazine further said that the downgrading of his wealth was also a result of "new information" it had collected. He's followed by Amazon and Washington Post owner Jeff Bezos (with whom Trump has publicly feuded), investor Warren Buffett and Facebook founder Mark Zuckerberg. And Oracle co-founder Larry Ellison rounded out the top five, with wealth estimated at $US59 billion.

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